The Cryptocoiner has learnt SIX, the Swiss National Stock exchange Group, is working to generate its own “stablecoin”-a Swiss franc cryptocurrency-for the facility of SIX Digital Exchange (SDX) transactions.
A SIX spokesperson confirmed the move by e-mail to CoinDesk:
“Yes, we currently work on the CHF stable coin-so Swiss franc.”
SIX could not provide additional details as to whether the Swiss franc coins will be used for private use in the SDX (like the feededed JPM Coin by JPMorgan Case) or will be public as the stablecoins universe for trading on the cryptograph.
In SDX, a fiat-backed token could very well be used to carry out tasks, including atomic swaps of tokenized securities and other assets in the blockchain.
SIX is clearly a trailblazer in the crypto space in the view of financial market infrastructure.
In July last year, SIX mentioned that SDX could be operational in the second half of 2019, starting with tokenizing inventories and bonds, and then exploring digital versions of other physical assets like fine art. SDX can also concentrate on the so-called safety token offerings (STOs) by suggesting that SIX may raise some funds by means of an STO.
The innovation driven by SIX and SDX seems to be pulling other digital asset platforms gravitationally.
Notably Deutsche Börse is working with Swiss government-backed Swisscom to test drive tokenization in Switzerland, the parent organization of your Frankfurt Stock Exchange.
Russia’s National Settlement Depository (NSD) most recently announced that its D3 blockchain and crypto ledger in Switzerland could be launched.
Artem Duvanov, innovation head in addition to NSD Director, mentioned in an interview with CoinDesk that D3 will look for a stablecoin to be added for the platform, mentioning Gemini’s GUSD.
“Stablecoins backed by (preferably) central bank or bank income will drive D3Ledger and other monetary DLT platforms to be adopted,” commented Duvanov.
“The aim is simple-once you have a stable blockchain INSIDE, you can automate extra processes and supply intelligent contracts with extra value,” he continued. “It is not only[ delivery vs. payment], it is also about many corporate actions, for example the distribution of dividends.”